As a landlord, it’s important to protect your investment property. Landlord building insurance is an insurance policy that covers the cost of repairing or rebuilding your rental property in the event of a disaster. Whether it’s a fire, a flood, or a burst pipe, this type of policy will help you pay for repairs and get your property back to its former glory. While landlord building insurance isn’t mandatory, it’s highly recommended for landlords to get this type of coverage. Without it, you could be left footing the bill for repairs that could cost thousands of pounds.
What Does Landlord Building Insurance Cover?
Landlord building insurance usually covers the cost of repairing or rebuilding your property in the event of a disaster. This includes things like fire, flood, storm, burst pipes, and vandalism. It also typically covers the cost of replacing fixtures and fittings, as well as any damage to the building’s structure. Depending on the policy, it can also cover other things like legal expenses, rent default, and malicious damage.
What Does Landlord Building Insurance Not Cover?
While landlord building insurance covers a variety of disasters, there are some events it won’t cover. For example, it won’t cover the cost of replacing your tenant’s personal belongings. It also won’t cover any damage caused by normal wear and tear, or any damage caused by your tenant. To cover these things, you’ll need to get a separate policy.
How Much Does Landlord Building Insurance Cost?
The cost of landlord building insurance depends on a few factors, such as the size of the property and its age. Other factors that affect the cost include the type of coverage you choose, the excess you’re willing to pay, and the area you’re in. Generally, you can expect to pay between £60-£200 per year for a basic policy. However, this can vary depending on the insurer.
What Are the Benefits of Landlord Building Insurance?
The main benefit of landlord building insurance is that it can help cover the cost of repairs and rebuilding in the event of a disaster. It can also help cover the cost of legal expenses, rent default, and malicious damage. This type of insurance can also give you peace of mind, knowing that you’re protected in the event of a disaster and that you won’t have to foot the bill for expensive repairs.
Conclusion
Landlord building insurance is an important type of insurance for landlords. It can help cover the cost of repairs and rebuilding in the event of a disaster. It can also help cover the cost of legal expenses, rent default, and malicious damage. While it’s not mandatory, it’s highly recommended for landlords to get this type of coverage. The cost of landlord building insurance depends on a variety of factors, but you can generally expect to pay between £60-£200 per year for a basic policy.